The 1992 NBA All-Star Game was played at the Orlando Arena in Orlando, Florida, with the West defeating the East 153–113. In an emotionally charged game, Magic Johnson wins the game's MVP award; despite having retired from the game a few days into the season, fans were still able to vote him into the starting lineup because the printed ballots still featured Magic's name.

Luc Longley, drafted by the Timberwolves, becomes the first Australian to play in the NBA. He would later play in three Bulls championship teams.

Larry Brown makes history becoming the first NBA coach to serve as head coach for two different teams in a single season (San Antonio Spurs and Los Angeles Clippers). Brown leads the Clippers to the team's first winning season since the team relocated to Los Angeles. Brown resigned from the Spurs in order to take the Clippers' job; Bob Bass replaced him.

The season marked the last time the Boston Celtics won 50 games (they won 51 that season) for nearly two decades. They would not win 50 games or more until the 2008 season.

Dennis Rodman recorded 1,530 rebounds and averaged 18.7 rebounds per game in the regular season, both of which are the highest figures since 1972. It is the first of an NBA record seven consecutive rebounding titles for Rodman.

Michael Jordan scored 35 points in the first half to set an NBA Finals record for most points in a half. His six three-pointers also set a record for most in a half.

The Miami Heat were the first of the four late-1980s expansion franchises to make it to the playoffs. They were swept in the first round by the Bulls. Fourteen years later, they would become the first of those teams to win an NBA Championship.

All NBA teams sport patches on their warmups commemorating the centennial anniversary of basketball.

Teams in bold advanced to the next round. The numbers to the left of each team indicate the team's seeding in its conference, and the numbers to the right indicate the number of games the team won in that round. The division champions are marked by an asterisk. Home court advantage does not necessarily belong to the higher-seeded team, but instead the team with the better regular season record; teams enjoying the home advantage are shown in italics.